Popular payment app Venmo is finally getting a really important security feature

Mobile payments app Venmo
has announced that it is offering multi-factor
authentication. It works by emailing and texting a 6-digit code
to users anytime they sign into the service with a new
phone.

The company explained that the new feature is
meant to “maximize security while
continuing to provide a quick and easy sign-in experience on
devices you regularly use.”

Venmo has been slowly gaining in popularity over the past year as
the go-to app for mobile users to easily pay each other for small
transactions.

What makes it so likable is its ease of use and how its newsfeed
makes payments into a sort of mobile social network.

The addition of multifactor authentication comes after the
company found itself in hot water in February over security
concerns. A Venmo user
discovered his Venmo account hacked one morning, after
someone withdrew nearly $3,000 from his account 24 hours prior.

While it doesn’t seem like the user’s account was hacked because
of any Venmo-related vulnerabilities, the company was criticized
for allowing a third-party to easily login to someone else's
account, disable notifications, and withdraw funds. It took the
victim over a day to realize someone had made the transaction.

This is Venmo’s response to this problem. Now, even if a user
loses his or her password, an attacker will not be able to use
another device to login unless they also have access to the
victim’s email.

The new two-factor authentication is automatically turned on for
any Venmo user with the latest version.